Beyond obvious admin and management rationalizations, the question is : how will that fly? Even if the new entity will eventually still be called Micro-Focus, the current Micro-Focus business looks more like a subdivision of the Attachmate group, than the reverse.Īnd there's the culture shock : Micro Focus is very much a British company centered around a single, well known business. On paper this wedding makes a lot of sense, with little overlap between product portofolios and a sound financing strategy.
MICRO FOCUS LSE SOFTWARE
(To be noted : The Attachmate Group is partly financed by the Thoma Bravo fund, who just completed the acquisition of Compuware (a major IT Ops software vendor, very complimentary to Micro-Focus), and a significant investment in Sailpoint (an Identity and Access management leader)). The acquisition is mostly financed by a bank loan, which will likely be largely repaid by milking the legacy Cobol/Terminal Emulation businesses. The Attachmate Group has also a profitable, but not so exciting, legacy terminal emulation business.
On the other side, the Attachmate group -a Texan financial build-up of end-point management and security solutions resulting from the acquisitions of AttachMate software and the break-up of Novell- is gaining direct access to liquidity. The last significant ventures in the testing and ALM space (Borland & Compuware) where failures, partly because the Micro Focus culture proved unable to adapt to the agile environment, at the time. However, the Cobol story is not very exciting in the hyperconnected times, and the company has been consistently trying to escape its corner through acquisitions.
Micro Focus is very profitable due to its steady stream of maintenance revenue. Don't overlook Cobol, it is here to stay : most retirement plans are still computed by Cobol applications. The company has been around for nearly 40 years and it is actually one of the oldest (European) software companies. Micro Focus is the queen of off-mainframe Cobol. Sensing her positive body language about the conference, I added that its objective is to build innovative conversations on “optimizing some elements of the capital markets to improve economic development and sustainable growth in Nigeria.” I was emphatic that the conference shall focus on review of the controversial Petroleum Industry Act (PIA), Micro, Small and Medium Enterprises (MSMEs) as engines of economic growth and development, regulation and impacts of crowdfunding, unclaimed dividend, Fintech evaluation and the capital market as the strategic forum shall produce a strong communique on the way out of Nigeria’s economic conundrum.This morning's announcement is interesting. Having noted that one of her aides was jotting down my points, I urged her to also attend the Institute’s Annual Conference, scheduled for Thursday, October 28 and Friday, October 29 at Harbour Point 4, Victoria Island with the Theme: “Capital Market as a Catalyst for Economic Development and Sustainable Growth”, where experts will diagnose and proffer solutions, once again, to the factors that hinder the growth of Nigerian capital market and how the market can be leveraged for economic growth and development.
MICRO FOCUS LSE PROFESSIONAL
I raised the issue of incentivizing quotable companies across various sectors of the economy to seek listing on the securities market, equitable treatment for all operators of commodities exchanges, efficacy of devaluation of the Naira in an environment of fragile export base, taming stagflation, forex scarcity, exchange rate volatility despite the Central Bank’s intervention, a big question mark on the high cost of governance, funding of the frightening budget deficit of N6.26 trillion, questions on the assumptions of the 2022 fiscal budget, ding-dong legal tussle on the Value Added Tax (VAT), mounting unemployment and restive youths, pent-up anger for neglect, resulting into perennial agitation of different professional bodies in Nigeria, little or no impact of all sorts of empowerment programmes to lift 100 million Nigerians out of poverty,changing tactics of insecurity daily and a nagging issue of trust deficit in the government’s economic permutations and models, as all these undermine the patronage of the capital market. I asked what the government is doing to create an enabling environment to encourage more participation of foreign investors, hedge funds, private equity firms, venture capitalists and pension administrators in the market. I pointed out that the misalignment of fiscal and monetary policies undermines integration of the money and capital market to the detriment of the latter.
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